SBI Atal Pension Yojana Calculator

What is Atal Pension Yojana?

Atal Pension Yojana, as the name suggests, is a National Pension Scheme specially launched keeping in mind individuals working in the unorganized sectors of India. The pension amount is offered to the scheme holders after the age of 60 years and the denominations can be either in Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 completely depending upon the contributions made throughout the scheme tenure. Managed under the PFRDA (Pension Fund Regulatory and Development Authority), the minimum and maximum age of joining the APY scheme is 18 years and 40 years respectively. After the death of the scheme holder during the pension payment period:

• The spouse receives the pension amount.

• Nominee receives the accrued corpus amount after the death of a spouse.

State Bank of India like many other authorized banks offer individuals to open the Atal Pension Yojana account and make monthly contributions. The account holder starts to receive the pension amount after the completion of the retirement age, that is 60 as per the Government rules.

What is SBI Atal Pension Yojana Calculator?

To easily calculate the real interest an account holder is liable to receive after the age of retirement, a miraculous online tool called the SBI Atal Pension Yojana Calculator is used. The APY Calculator can help in:

• The computation of pension amount receivable at the end of the retirement age.

• Understanding the age at which an individual should start investing in the scheme to be able to achieve the desired corpus.

• Knowing the amount of interest an individual should have earned on the pension.

• Quick and accurate calculations when compared to manual formula.

• Knowing the future receivable amount in advance can help in planning the financial goals accordingly.

How Does the SBI Atal Pension Yojana Calculator Work?

The following formula is used for the computation of the Atal Pension Yojana:

Atal Pension Yojana = (1 + r/n) n – 1

Here,

• r = the Rate of Interest

• n = the number of times interest is compounded in a year

SBI Atal Pension Yojana Calculation Tables

The pension amount in the SBI Atal Pension Yojana completely depends on 2 main factors:

• Age of the investor when they started the scheme.

• Pension amount they are willing to contribute monthly.

The following table will help you understand the monthly contributions one has to make at different age levels to attain the desired pension amount after the age of 60.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The investment risk in the investment portfolio is borne by the policyholder.

Advantages of Using the SBI Atal Pension Yojana Calculator

The main purpose behind the launch of the SBI Atal Pension Yojana Scheme is to help the individual of the unorganized sectors to get pension amounts officially. By using the Atal Pension Yojana Calculator one can get the following advantages:

• Results of the invested amount can be known instantly.

• The individual knows the future receivable amount that helps in planning the financial goals.

• Data can be customized as per preference.

• Accuracy in results with no manual calculations involved.